Quick Take
October has proven to be a significant month for Bitcoin, with its closing price exceeding the $34,000 mark. This represents a substantial 26.5% price rise, marking it as the highest monthly performance since January when it rose just shy of 40%.
| Month (2023) | BTC Return |
|---|---|
| January | 39.63% |
| February | 0.03% |
| March | 22.96% |
| April | 2.81% |
| May | -6.98% |
| June | 11.98% |
| July | -4.02% |
| August | -11.29% |
| September | 3.91% |
| October | 26.54% |
Ethereum also showcased strength in the past month, recording an appreciation of over 7%. This makes it the third-best-performing month of the year for the crypto.
Bitcoin’s performance stands out, particularly when considering its movement through key averages. These benchmarks serve as vital indicators of market sentiment and potential shifts in trend. Most notably, Bitcoin has surged past the 111-day, 200-day, and 200-week moving averages in the past week. This success signifies strong bullish momentum and market confidence in Bitcoin’s value.
These breakthroughs in moving averages, along with the impressive monthly performance of Bitcoin and Ethereum, underscore the enduring resilience and potential growth trajectory of these leading cryptocurrencies in an increasingly digital financial landscape.
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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